The Tron price is showing momentum as it surpasses the resistance level of $0.1220 against the US Dollar. TRX is performing better than Bitcoin and has the potential to continue its upward movement, potentially exceeding the $0.1250 mark.
Tron's price demonstrates renewed vigor
Bitcoin and Ethereum recently experienced a decline below $63,500 and $3,100, respectively. However, Tron's price remained resilient, staying above the $0.1180 support level and even climbing higher.
Tron saw a notable increase above the $0.120 resistance zone, surpassing the 50% Fibonacci retracement level of the previous downward movement from the $0.1239 swing high to the $0.1181 low. Additionally, there was a breakout above a significant bearish trend line with resistance at $0.120 on the 4-hour chart of the TRX/USD pair.
Currently, Tron is trading above $0.1220 and the 100 simple moving average (4 hours). Looking ahead, the initial resistance lies near the $0.1250 level.
The primary resistance zone is around $0.1275 or the 1.618 Fibonacci extension level of the previous downward move. Surpassing this level could lead to an acceleration in price towards $0.1320. Breaking above $0.1320 may propel TRX even higher towards $0.1365. Further, breaching the $0.140 resistance level could prompt a more significant upward movement towards $0.150.
Is TRX Finding Support During Declines?
If TRX struggles to surpass the resistance at $0.1250, it may initiate a downward correction. Initial support levels to watch for on the downside are around the $0.1220 zone.
The primary support is positioned near the $0.1195 level, which coincides with the 100 simple moving average (4 hours). A breach below this level could lead to a test of the $0.1180 support. Further decline might push Tron towards the $0.1150 support level in the upcoming trading sessions.
May 2024, Cryptoniteuae